Sun Microsystems Invests In Asia Pacific
SolNet is the Independent Sales Organisation for Sun Microsystems in New Zealand.
SUN MICROSYSTEMS INVESTS IN ASIA PACIFIC TECHNOLOGY INNOVATION
Canberra -- September 25, 2000 -- Scott McNealy CEO and Chairman of Sun Microsystems, Inc. (SUNW) today announced plans to significantly increase investment focus in the Asia Pacific region through its newly formed Sun Asia Pacific Venture Investment Program. Sun is targeting US$50 million of investments through this program, and with co-investments from local partners, Sun expects the program to provide US$250 million in total investment capital for the region. Sun currently plans to implement the program through designated local venture capital partners in each selected country and will focus on early- to mid-stage Internet start-up companies.
"We are seeing entrepreneurial management, engineering talent and a supportive economic infrastructure for high-tech start-ups emerging across the Asia Pacific region," said Jonathan Schwartz, senior vice president of Corporate Strategy and Planning, Sun Microsystems. "As part of Sun's commitment to the region, we are increasing our investment in the local countries to further support this trend."
The Sun Asia Pacific Venture Investment Program is a significant long-term investment in the growth of local firms and development of local talent. Targeted investments will focus on Internet, communications and e-commerce enabling technologies and products that expand markets for Sun products and enhance Sun's technology development efforts. The investments made through this program will be complementary to the iForce(TM) initiative and Sun's Developer.com program that have already provided millions of dollars of operational support to emerging Asia Pacific companies.
"Sun is already actively engaged in the region, and the Asia Pacific Venture Investment Program is a logical extension of the overall venture activities that were initiated about one year ago," said Schwartz. "We look forward to deepening our relationships with APAC venture capital firms and becoming a more active participant in the APAC venture capital market."
Sun plans to begin discussions with local venture capital groups immediately in several countries including Japan, Korea, Taiwan, and Australia. Funding in other countries are expected to follow. These investments will be an extension of the US$400 million in venture investments Sun has previously announced. Those funds have been invested primarily in U.S.-based companies.
APAC venture capital firms should contact Thomas Schroeder at 1-650-336-0685 or email@example.com with any questions. To submit start-up company investment proposals, please visit the Sun web site at www.sun.com/aboutsun/venture/.
About Sun Microsystems, Inc.
Since its inception in 1982, a singular vision -- The Network Is The Computer[tm] -- has propelled Sun Microsystems, Inc. (Nasdaq: SUNW), to its position as a leading provider of industrial-strength hardware, software and services that power the Internet and allow companies worldwide to dot-com their businesses. With US$15.7 billion in annual revenues, Sun can be found in more than 170 countries and on the World Wide Web at http://www.sun.com.au
# # #
Sun, Sun Microsystems, the Sun Logo, iForce and The Network Is The Computer are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries.
For further media information: contact Diana Nikolic, Marketing Communicatins Manager 02 9844 5244
Diana Nikolic - Marketing Communications Manager SUN Microsystems 828 Pacific Highway GORDON 2072 NSW AUSTRALIA
Tel: 02 9844 5244 x 57244 Fax: 02 9418 2023 Mobile: 0412 257 330 Email: firstname.lastname@example.org On#sun editor: www.sun.com.au/news/onsun